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I've always been a little confused about this - when people say put away 10% of your pre-tax salary, do they mean 10% PLUS company match, or 10% WITH company match. For example, my company does a 4% match if I invest 4%. I bumped this up to 6%, so technically 10% of my pre-tax salary is being invested. But should it be 10% plus the 4% company match going into my 401(k)?
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Sep 7, 2008 20:06
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| # ¿ May 4, 2024 17:36 |
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Reading all of the posts here has made me very nervous about my ability to retire at some point. Currently I make around $30k a year and contribute 6% of my pre-tax pay to my company's 401k (2% match). I only have around $1k in there so far - the kicker is that I'm 39, so I'm looking at maybe 31-33 years before retirement age, and all my projections show me accumulating a little over $1m in that time. I initially thought that would be a good amount, but after reading some of the posts here I'm feeling decidedly anxious about having enough to even die with dignity. About the only thing I feel good about is that I only have a $2500 loan as my debt and that my credit score is in the 790-800 range. I rent, paying $450 a month, and I own my truck and some furniture, but that's about it for me. At the end of the month I have about $300-350 to stash in savings, but I'm using it to build up my emergency fund so that I have 3-6 months expenses saved up. Of course, that means it will be at least a year, probably two, before I have enough money to put into a Roth IRA, which over 30 years will cost me quite a bit in earned interest. What more could I be doing to accelerate the increase of my retirement nest egg (aside from living like a homeless person since I already live like a pauper)?
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Jun 15, 2011 20:42
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